Industrial

Principle Construction Underway on 276,019 SF Industrial Build-to-Suit for Morgan Li in Chicago Heights, Illinois

by Kristin Harlow October 1, 2024

CHICAGO HEIGHTS, ILL. — Principle Construction is underway on a two-building, 276,019-square-foot industrial build-to-suit for Morgan Li in Chicago Heights, a southern suburb of Chicago. The family-owned furniture and fixture fabricator had a previous warehouse destroyed by a fire in February 2023 on the project site. Building A will total 237,756 square feet with 230,298 square feet of warehouse space and 5,122 square feet of office space. The facility will feature a clear height of 36 feet, 20 docks and four drive-in doors. Building B will house 36,360 square feet of warehouse space as well as 1,143 square feet of office space. It will also feature a specialized paint line mechanical system for Morgan Li’s operations. Principle will also construct a 158-stall parking lot with four electric vehicle charging stations. Morgan Li’s 245 employees have been working out of secondary locations in Matteson and South Holland while the new space is under construction. Designhaus Inc. Architecture designed the new facilities. Completion is slated for March 2025.

October 1, 2024

Acquisitions Indiana Industrial Midwest

Marcus & Millichap Brokers $2.3M Sale of Industrial Property in Munster, Indiana

by Kristin Harlow October 1, 2024

MUNSTER, IND. — Marcus & Millichap has brokered the $2.3 million sale of a 16,000-square-foot industrial property in Munster. The vacant, single-tenant asset is located at 570 Progress Ave. and features two five-ton cranes, a clear height of 24 feet, three drive-in doors and one dock-high door. Built in 2014, the facility is situated one block from Calumet Avenue and three miles from I-94. Clayton Isacson, Tyler Sharp and Adam Abushagur of Marcus & Millichap represented the seller, American Machine Works Inc. The property sold to an out-of-market investor. Josh Caruana, broker of record in Indiana, assisted in closing the transaction.

October 1, 2024

Illinois Industrial Loans Midwest Top Stories

JLL Arranges $577.6M in CMBS Financing for National Industrial Portfolio for LBA Logistics

by John Nelson October 1, 2024

CHICAGO — JLL’s Capital Markets group has arranged a $577.6 million CMBS loan for a national industrial portfolio owned by LBA Logistics, an industrial owner-operator based in Irvine, Calif. The portfolio comprises 25 properties in 10 states totaling a little more than 7 million square feet. The properties are located in infill submarkets across California, New Jersey, Utah, Washington, Florida, Georgia, Nevada, Ohio, Kentucky and Tennessee. The portfolio includes assets in core submarkets of major cities including Los Angeles and Orlando. The properties were fully leased at the time of sale to a tenant mix spanning various industries, including web services, food-and-beverage, building materials and logistics. Kevin MacKenzie, Brian Torp and Christopher Pratt of JLL secured the floating-rate loan with a five-year term through a syndicate led by J.P. Morgan. Bank of America and Wells Fargo served as joint bookrunners in the transaction. The final pricing for the loan was approximately 195 basis points over the secured overnight financing rate (SOFR). The date of the financing was not disclosed, but the SOFR rate closed on Monday, Sept. 30 at 4.96 percent. The loan falls under the single-asset, single-borrower (SASB) category of CMBS despite the financing involving multiple assets. “This is …

October 1, 2024

Acquisitions Development Industrial Texas

Liberty Development Partners Buys 1,149 Acres in Dayton, Texas for Industrial Expansion Project

by Taylor Williams September 30, 2024

DAYTON, TEXAS — Liberty Development Partners has purchased 1,149 acres for an industrial expansion project in Dayton, about 40 miles northeast of Houston. The acreage represents the next phase of expansion of Gulf Inland Logistics Park, a rail-served, master-planned development. Tony Patronella of Read King Commercial Real Estate, along with Logan Havel and Charles Blaschke of Edge Realty Partners, represented the seller, private investor Sammi Damek, in the land transaction. John Littman, Kelley Parker and Coe Parker of Cushman & Wakefield represented Liberty Development Partners. Gulf Inland Logistics Park is ultimately planned for 3,800 acres across three phases of expansion.

September 30, 2024

Data Centers Industrial Loans Texas

Lone Star PACE Provides $40M in C-PACE Financing for Houston Data Center Facility

by Taylor Williams September 30, 2024

HOUSTON — Lone Star PACE has provided $40 million in C-PACE financing for a 774,000-square-foot data center facility in Houston. The facility is located within ViVa Center, a 2.3 million-square-foot technology hub that originally housed the headquarters of Compaq Computer and was later acquired by Hewlett-Packard Enterprise. Lone Star PACE partnered with lender Nuveen Green Capital to administer the financing. Proceeds will be used to install sustainable building components to Phase I of the data center development, including energy-efficient windows, LED lighting, advanced HVAC systems and high-efficiency plumbing upgrades.

September 30, 2024

Acquisitions Industrial North Carolina Southeast

JLL Arranges Sale of 234,224 SF Logistics Facility in High Point, North Carolina

by John Nelson September 30, 2024

HIGH POINT, N.C. — JLL has arranged the sale of a 234,224-square-foot logistics facility located at 720 Pegg Road in High Point, a city in North Carolina’s Triad submarket. The seller, Beacon Partners, delivered the Class A property in 2022 and subsequently leased the facility to three tenants, including Lowe’s Home Centers. Pete Pittroff, Dave Andrews, Michael Scarnato, Zachary Llyod, Michael Lewis and Allan Parrott of JLL represented the seller in the transaction. The buyer and sales price were not disclosed. The property features 32-foot clear heights, ESFR sprinklers, motion-sensored LED lighting, multiple storefronts and proximity to Piedmont Triad International Airport, I-40, I-73, I-74 and I-85.

September 30, 2024

Acquisitions Arizona Industrial Western

Lincoln Property Co., Goldman Sachs Sell Buckeye85 Industrial Building in Phoenix

by Amy Works September 30, 2024

PHOENIX — Lincoln Property Co. and Goldman Sachs have completed the sale of Buckeye85, a Class A industrial building in Phoenix, to LaSalle for an undisclosed price. The 321,892-square-foot building features 36-foot clear heights, full concrete truck courts, a 95-door cross-dock configuration, a speculative office suite and an employee-centric outdoor amenity space with shaded and landscaped areas, built-in barbecue equipment and seating for relaxing, outdoor dining and games. Tempur-Pedic, part of Tempur Sealy International, fully occupies the Class A industrial property, located on 20 acres at 10333 W. Buckeye Road. The mattress and pillow maker uses the facility to distribute to the Western United States, from Colorado to the Pacific Coast. Will Strong and Molly Hunt of Cushman & Wakefield represented the sellers in the deal. Marc Hertzberg and Riley Gilbert of JLL served as the investment sales team’s property leasing experts. Gilbert also represented Tempur-Pedic in its lease agreement, bringing Tempur-Pedic’s metro Phoenix industrial footprint to nearly 1.5 million square feet.

September 30, 2024

Acquisitions Industrial Midwest Ohio

MAG Capital Partners Acquires 410,858 SF Manufacturing Facility in Niles, Ohio

by Kristin Harlow September 30, 2024

NILES, OHIO — MAG Capital Partners LLC has acquired a 410,858-square-foot manufacturing facility in northeast Ohio’s Niles in a sale-leaseback transaction with BRT Extrusions Inc. The purchase price was undisclosed. The tenant, a full-service aluminum extrusion company, serves a wide range of sectors, including construction, automotive, transportation and electronics. The property is situated on nearly 28 acres at 1818 Main St. Daniel Macks and Phil DiGennaro of Stream Capital Partners advised the buyer and seller. Dallas-based MAG Capital Partners invests in industrial real estate and operating companies.

September 30, 2024

Development Industrial Kansas Midwest

BGO, Yukon Break Ground on 291,000 SF Cold Storage Warehouse Near Kansas City

by Kristin Harlow September 30, 2024

NEW CENTURY, KAN. — BGO and Yukon Real Estate Partners have broken ground on a 291,000-square-foot cold storage warehouse in New Century, about 30 miles outside of Kansas City. Slated to open in the third quarter of 2025, the development is fully leased to CJ Logistics America, which plans to dedicate a majority of the building’s space to Flora Food Group. The project site is adjacent to Flora Food Group’s production plant. An above-ground conveyor bridge will connect the two buildings. Once completed, the conveyor bridge will enable finished products to be delivered directly into the warehouse for cold storage. The development will also feature a direct connection to the BNSF Railway. Approximately 85 percent of the U.S. is reachable within two days from the development by highway, rail or air, according to the development team.

September 30, 2024

Industrial Leasing Activity Texas

Owens Corning Signs 292,680 SF Industrial Lease in Wilmer, Texas

by Taylor Williams September 27, 2024

WILMER, TEXAS — Owens Corning (NYSE: OC) has signed a 292,680-square-foot industrial lease in Wilmer, a southern suburb of Dallas. The Ohio-based provider of roofing, insulation and composite materials is taking space at Core45, a two-building, 1.6 million-square-foot development. According to a 2022 press release from the Wilmer Economic Development Corp. announcing the project, Core45’s two buildings span 616,000 and 1 million square feet and feature 40-foot clear heights, as well as a combined 286 dock doors, 403 trailer parking stalls and 900 car parking spaces. Ridley Culp, Luke Davis and Matt Dornak of Stream Realty Partners represented the landlord, Grandview Partners, in the lease negotiations. CBRE represented Owens Corning.

September 27, 2024

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